Amazon Shares Jump
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Stocks rise to finish a wild Jul.
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By Deborah Mary Sophia and Kanchana Chakravarty July 31 (Reuters) - Amazon shares surged nearly 14% on Friday after the tech giant's solid cloud sales growth reinforced investor confidence in its massive AI bets and quashed any concerns about the company trailing its Big Tech rivals in the AI race.
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Amazon said it received a major boost from its previous $13 billion worth of investment in Anthropic.
Amazon reported a surge in revenue at its key cloud business while Apple issued disappointing guidance.